The Corporate Tax Rate in Sri Lanka stands at 28 percent. Corporate Tax Rate in Sri Lanka averaged 31.95 percent from 1997 until 2018, reaching an all time high of 42 percent in 2002 and a record low of 15 percent in 2016. This page provides - Sri Lanka Corporate Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. 10. Tax Rates 13 10.1 Corporate 13 10.2 Personal 13 10.3 Professionals 15 10.4 Flat Rate 15 10.5 Current Changes 15 10.6 The Laffer Curve 16 10.7 Relevant Reforms 17 11. Provincial and Local Government Revenue 18 12. Capital Gains Taxation 19 13. Tax Evasion 20 13.1 Tax Avoidance 21 13.2 Withholding Taxes 21 13.3 Tax Amnesties 22 14. The VAT Debate 22 Income Tax on Foreign Remittances - Exemption from income tax of foreign earnings remitted to Sri Lanka through a bank on or after 15th Nov 2018. 10. WHT on Rent - Reduction of WHT applicable on the payment of rent from 10% to 5% of the rent. Capital gains on disposal of property represent appreciation in value of property over a number of years. When capital gains were previously taxed in Sri Lanka, this issue was addressed by way of a differential rate, distinguishing short term gains and large term gains. Budget proposals presented in Sri Lanka on Thursday included revisions to corporate and withholding taxes to boost revenue and cut the 2017 fiscal deficit to 4.6 percent of GDP from this year's 5 Nation Building Tax (NBT) imposed under Nation Building Tax Act No. 9 of 2009 is in operation effective from February 01, 2009. The NBT Act has been amended by the following amendment Acts; Act No 32 of 2009, Act No 10 of 2011, Act No 09 of 2012, Act No 11 of 2013, Act No.10 of 2014, Act No. 12 of 2015 and Act No. 22 of 2016.
27 Nov 2019 Reduce VAT from current 15% to 8% w.e.f 01 Dec 2019 – VAT on Financial Withholding Tax on interest income to be removed for those with monthly at 18 % compared to the previous provision which had a ceiling rate of 24%. of New Tax Proposals - (Ministry of Finance - Sri Lanka)-28.11.2019. It is a consumption tax, thus goods imported into Sri Lanka and goods & services Following are some of the withholding tax rates applicable at present: Taxation in Sri Lanka mainly includes excise duties, value added tax, income tax and tariffs. At present, the government of Sri Lanka also face major challenges regarding the continuous budget taxes such as PAYE, NBT, Withholding tax, Capital Gain tax, Bank Debit tax and to reduce VAT tax rate from 15% to 8%.
Tax rates for resident and non-resident Individuals. Personal relief for residents/non-resident citizens of Sri Lanka is Rs. 500,000/- (not available for gains from the realization of investment asset). Additional relief (maximum) of Rs.700,000 is available on employment income (mmaximum tax rate applicable for employment income is 24%).
27 Nov 2019 Accordingly, the current VAT rate of 15 percent and 2 percent of NBT Debit Tax, Pay as You Earn Tax and Withholding Tax on interest has 13 Dec 2019 Corporate Tax Laws and Regulations covering issues in Sri Lanka of Tax Currently, the applicable rate is 15% and exports are generally zero-rated. 3.1 Is any withholding tax imposed on dividends paid by a locally 27 Nov 2019 Reduce VAT from current 15% to 8% w.e.f 01 Dec 2019 – VAT on Financial Withholding Tax on interest income to be removed for those with monthly at 18 % compared to the previous provision which had a ceiling rate of 24%. of New Tax Proposals - (Ministry of Finance - Sri Lanka)-28.11.2019. It is a consumption tax, thus goods imported into Sri Lanka and goods & services Following are some of the withholding tax rates applicable at present:
Group consolidation relief for tax purposes is not currently available. Transfer of the Sri Lankan domestic withholding tax rates on payments to a non-resident. 27 Nov 2019 Accordingly, the current VAT rate of 15 percent and 2 percent of NBT Debit Tax, Pay as You Earn Tax and Withholding Tax on interest has